The total investment volume is approximately 20% lower than in 2024, showing a recalibration in investment activity within the local ecosystem.
The largest funding rounds raised by Romanian startups in 2025 were secured by:
– Druid AI: EUR27.5 million (Series C), an Enterprise Software startup;
– Digitail: EUR20 million (Series B), a software platform for the veterinary industry;
– Bible Chat: EUR13.4 million (Series A), an AI-based app for the Christian community.
Out of the total capital raised, EUR55 million was allocated to early-stage rounds, while EUR48 million went to later-stage investments. The average seed round reached EUR1.5 million, while pre-seed rounds averaged EUR526,000.
“Romania’s startup scene has grown over the past few years in terms of founders, early-stage capital, and ambition. Druid AI, Digitail, and Bible Chat all raised significant rounds in 2025 by going deep on very specific global problems, which is exactly the pattern that attracts serious international capital. What the 2025 capital graduation is revealing, through a ratio of just 28%, is that the wave of bets placed between 2020 and 2024 hasn’t yet translated into the follow-on rounds that would signal real maturity, which tells us that capital came in before the supporting infrastructure. 2026 is about building on those lessons with new early-stage capital joining the market, and closing the gap between early promise and sustained growth, and that’s a challenge we’re genuinely looking forward to,” said Alexandru Agatinei, CEO of How to Web
Regional context: Eastern Europe, a year of recalibration
At the regional level, Eastern Europe attracted EUR3.6 billion in 2025 across 1,034 transactions, accounting for 5.5% of total European venture capital investment, despite representing roughly one-third of the continent’s population.
The report highlights 2025 as a year of recalibration rather than expansion. While total investment volume remained broadly stable compared to the previous year, the number of transactions decreased, reflecting a wider European trend in which larger pools of capital are concentrated in fewer companies. Average round sizes increased, particularly at early stages, with pre-seed rounds growing by 45% and seed rounds by 43% year-over-year.
Polish startups were the strongest performers in 2025, attracting more than 20% of all venture capital invested across Eastern Europe. Turkey, Greece, Estonia, and the Czech Republic followed, although all four recorded lower volumes compared to 2024. The top five countries generated over 60% of total investment activity, while the top ten accounted for nearly 90% of all capital attracted in the region.
At the opposite end, Turkey leads the list of countries with the most significant declines in investment volume in 2025, followed by Lithuania, Croatia, the Czech Republic, and Romania. In these markets, reduced funding levels are directly correlated with a drop in transactions, and there are no outliers that would raise significant rounds of capital.
Early-stage funding (pre-seed, seed, and Series A) accounted for 43% of total invested capital, while later-stage rounds (Series B-F) accounted for 57%.
Verticals on the rise
The sectors attracting the highest percentage of capital in 2025 were Enterprise Software (EUR720m), Fintech (EUR522m), Space (EUR350m), Automotive (EUR311.2m), Healthcare (EUR223m), and Security (EUR204m). At the same time, verticals such as Defense, Industrial, and Space are attracting growing interest from investors.